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An international tribunal has ruled in favor of the Costa Rican government in a legal process in which US investors denounced arbitrary actions in the development of a real estate project in Esterillos beach.
From a statement issued by the Ministry of Foreign Trade:
San Jose.On September 19, 2018, the Government of Costa Rica was notified by the International Center for Settlement of Investment Disputes (ICSID) of the decision adopted by the Arbitral Tribunal in the case of David Richard Aven et al.c.Costa Rica (known as "Las Olas").This arbitration was filed by a group of US investors in 2014, under the Dominican Republic-Central America Free Trade Agreement (CAFTA-DR).
A free zone, two hotel developments and a condominium estimated at $185 million and $30 million are part of the works that private entrepreneurs have planned for the province of Limon, in Costa Rica.
With the announcement of the construction of the container terminal at Moin and the extension of Route 32, investors have glimpsed investment and business opportunities in the province, which foresees strong economic development in the coming years.
Grupo Poma is planning to expand its portfolio of investments in Costa Rica venturing into housing construction projects and strengthening its presence in the automotive sector.
The Salvadoran group, which has been present in Costa Rica since 1993, is analyzing the possibility of complementing the office and hotel investments it has made in the country with the construction of residential high rise blocks.
The government has decided to monitor and regulate the profit margin accrued by construction companies and real estate developers.
While the Association of Engineers and Architects (CFIA) argues that "... the profit margin of construction companies in the country ranges between 5% and 40%" ... ", employers in the construction sector and developers assert that they are betting on margins of between 5% and 15%.
In the absence of concrete actions by the state, companies in the province of Limón have announced that they will promote economic development in the area using foreign investment.
In order to generate more projects to develop economic activity in the province of Limón, employers in the area are calling for foreign investors who have an affinity with the region.
A group of U.S. investors is suing the state for $70 million alleging violation of DR-CAFTA preventing the development of real estate project Las Olas in Puntarenas.
The lawsuit filed with the International Centre for Settlement of Investment Disputes (ICSID) by a group of investors led by David Richard Aven notes that "... national authorities treated them unfairly, in relation to a real estate development project in the Esterillos beach area in the Central Pacific. They also claim that the Free Trade Agreement (FTA) with their country was violated. "
The Paradisus Papagayo Bay Resort & Luxury Villa’s under construction in Costa Rica on stabilization of operations would operate as a profitable business, with net income of 35.3% of total revenue.
A report by a swiss capital company, SunVesta Inc., published by the United States Securities and Exchange Commission (SEC) reports on the details and progress of the $190 million tourist resort that the firm is developing in the Gulf of Papagayo in Guanacaste, Costa Rica.
The developer of the Golfito Marina Village & Resort project in the southern part of Costa Rica, plans to begin construction in June.
The group Hacienda El Dorado has announced the development of a new residential resort, hotel and marina in the Golfito area, which includes a deep-water marina with 130 moorings for yachts, condominium residences, a luxury hotel and spa.
Shopping centers and hotels in the city and on the coast are part of the new projects planned for this year and 2015.
Four commercial and mixed-use projects are predicted to boost the sector in 2015. These are City Mall, City Place in Santa Ana, Ocean Mall in Puntarenas and Jacó Beach Walk in in Jaco beach. City Mall and City Place are currently under construction and are projected to start operations in the middle of this year.
Grupo Zeta has opened a shopping center in San Jose which has 25 stores and a parking area for 80 cars.
This is the first shopping center by the chain Vivo Plaza and was built on a plot of 3,700 m², near the Instituto Costarricense de Electricidad (ICE) in San Pedro. 80% of the premises have already been occupied and measure from 50 m² to 250 m².
"The site in San Pedro is the debut branch of this new chain of convenience shopping centers Grupo Zeta. Three more malls are planned for 2014: Vivo Este (Curridabat) Vivo Tejar (Cartago) and Vivo Managua (Nicaragua) ", reported Elfinancierocr.com.
2013 has confirmed a trend toward mixed-use projects with spaces for various uses, especially commercial, residential and office space.
The commercial property market has shown an increase in supply of 9.8%, totaling 884,135 m². Among the activities that have contributed the most to the dynamism of this market is the opening of fast food restaurant chains and projections are that it will continue to increase.
There are plans to build a mini-city on the beach in Puntarenas, two mega projects and 6 other smaller works that represent $211 million in investments.
The three largest projects will be developed by local companies in the province of Puntarenas, in the Central and Garabito cantons. "These, together with six other smaller private works, represent investments of over $211 million and the use of more than 164 hectares of land in the next 15 years," noted an article in Elfinancierocr.com.